MAG Silver Corp.

MAG Silver Corp. is focused on district-scale projects located within the Mexican Silver Belt. Its mission is to become one of the premier companies in the silver mining industry. MAG is conducting ongoing exploration of its portfolio of 100%-owned properties in Mexico including a silver, lead and zinc discovery and a moly-gold discovery at its 100%-owned Cinco de Mayo property in Chihuahua. MAG and Fresnillo Plc are jointly developing the Valdecañas deposit on the Juanicipio project in Zacatecas.

Expert Comments:

Andrew Kaip, BMO Capital Markets (2/25/15)
"At MAG Silver Corp.'s Juanicipio joint venture property, decline sinking continues to advance at 4m/day and has reached an approximate 1 km length. . .at Cinco de Mayo, the company continues to focus on a mutual beneficial surface access agreement. . .at Salamandra, MAG highlighted positive 2014 exploration drill results and its intention to accelerate exploration spending."

David Sadowski, Raymond James (2/24/15)
"We attended a site visit to MAG Silver Corp.'s flagship, world-class, 44%-owned Juanicipio silver development project in Zacatecas, Mexico. Since our last visit to the property in Feb. 2014, the ramp has progressed another 800m and, in the last few months, the pace of development has increased markedly. . .the tour boosted our confidence in late-2017 or early-2018 planned production start-up. . .we urge investors to boost positions at current depressed share price levels, which to us do not reflect the project's quality. . .our upgrade to Strong Buy is based on lower execution risk and significant return to target."

"At the top of the list of silver juniors is MAG Silver Corp., which is advancing Juanicipio, its big Mexico silver project, toward production." read more >

"I follow MAG Silver Corp., a silver developer, and rate it Outperform. The company has a 44% interest in the Juanicipio project in Zacatecas, Mexico, which is being built by Fresnillo. 2015 is going to be another year of development there with little news flow; however, that also means limited capital commitments for MAG Silver. The company has about $85M in cash and will spend about $5M at Juanicipio this year on development of the decline. MAG Silver's capital commitments won't ramp up until mill construction starts in the back half of 2016. The company also has a secondary asset, Cinco de Mayo; a potential resolution to certain land access issues and future success with the drill bit could add additional long-term value. . .in our opinion, it makes more sense for Fresnillo to own 100% of Juanicipio. The project sits on trend with the Fresnillo silver mine where the company produces about 40 Moz of silver per year. Fresnillo is targeting about 50–55 Moz silver/year by 2018, primarily by focusing on areas of higher grades—similar to Juanicipio. If we look at the land package, Fresnillo has developed a shaft and has been mining the same vein on its adjacent 100%-owned property. The most logical timing for a takeover bid in our opinion would be before mill construction is complete." read more >

Andrew Kaip, BMO Capital Markets (2/20/15)
"We attended a site visit to the Juanicipio project located in Zacatecas, Mexico, with senior management of MAG Silver Corp. . .ramp advancement appears to be demonstrating positive progress, and the company remains well capitalized to fund future commitments to the Minera IRL Ltd. Juanicipio joint venture."

Kevin MacKenzie, Salman Partners (2/19/15)
"This week, MAG Silver Corp. hosted an analyst site tour at its 44%-owned Juanicipio silver project. . .development looks to be on track for mine commissioning in early 2018. . .there are currently four diamond drills turning on the property, two infill rigs above the portal and two rigs collecting metallurgical samples."

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